By: Mohamed Idris
Riyadh – Mubasher: The experience of Al Rajhi Bank with the Real Estate Development Fund (REDF) will encourage the other banks to join the programme of the accelerated loan, Talat Hafiz, secretary general of the media and banking awareness committee of the Saudi banks expected.
He noted that there is nothing preventing the banks from joining the programme, noting that it is not obligatory neither for the banks nor the clients of the REDF.
Hafiz clarified that the client can stay on the fund’s waiting list or to accelerate the loan, and as for the banks, they can participate as per their credit policy.
Concerning the loans’ rescheduling after the government’s new decisions, the secretary general assured that the rescheduling will be done without extra fees and the new mechanism will be upon the client’s approval and not obligatory but limited to whom were affected by the new decisions.
Some procedures issued in 2014 were excluded, where the loan’s period will reach to five years. Also, the payment of 20% of the loan’s value will be cancelled in condition of the rescheduling, Hafiz said.
Translated by: Sara Ghali
